QuickBooks Online Bookkeeping Workflow

Overview of core bookkeeping tasks and financial reports completed to organize, track, and verify full business financial records.

Chart of Accounts

Complete list of all asset, liability, equity, income, and expense accounts set up to properly categorize and record every business transaction accurately.

Reconciliation 

Process of matching recorded bank and ledger transactions against official statements to verify balances are correct, complete, and have no discrepancies.

Invoice

Formal records issued to clients listing services/products rendered, costs, payment terms, and total amount due to track receivables and sales.

Expense

Detailed records of all business purchases, payments, and operating costs categorized properly to track spending and calculate true business profit.

Accounts Receivable Aging Summary

Report showing all unpaid customer invoices grouped by how long they are past due, to help monitor collections and manage outstanding payments.

Balance Sheet

Financial statement showing the business’s total assets, liabilities, and equity at a specific date to present its overall financial standing.

Profit and Loss

Report summarizing total income earned minus all expenses incurred over a period, to show whether the business made a net profit or loss.